Conversica, a US-based sales software developer backed by human resources provider Recruit Holdings, has received $31m in a series C round led by Providence Strategic Growth Capital Partners.
Providence Strategic Growth Capital Partners, an affiliate of private equity firm Providence Equity Partners, was joined by financial services firm CIBC’s Innovation Banking unit, Toba Capital, Savano Capital Partners and Kennet Partners. It valued the company at $300m according to TechCrunch.
Founded in 2007, Conversica has developed an intelligent assistant that uses conversational artificial intelligence technology to automate the process of finding, contacting and following up sales leads.
The funding will go to developing the company’s technology and expanding its sales and marketing resources.
Growth equity firm Kennet Partners invested $16m in Conversica in 2013 as part of a $22m series A round. The company added $34m in a late 2016 series B led by Providence Strategic Growth and backed by Recruit Holdings, Kennet, Toba Capital, Wellington Financial and company founder Ben Brigham.
Alex Terry, Conversica’s CEO, said: “Our market traction and performance are why our current investors have doubled down on Conversica with this series C funding round, a resounding endorsement of the hard work of hundreds of Conversica employees serving over a thousand of customers around the world.
“I believe even more strongly today in the power of AI to deliver an improved customer experience and to free humans from the routine work that limits us reaching our full potential. I am thrilled that our investors share this same vision and have reaffirmed their commitment to the company’s success.”
